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Spring Journal

Volume 31, Issue 1

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Monday, 04 December 2017 17:12

4 Major Audit Risk Themes For 2018

Prepare to Plan or Plan to Fail

As Audit teams start thinking about their 2018 plans, being able to identify new trends in emerging risk areas that threaten to disrupt enterprise performance over the next year is critical. This explains 12 risks, connected by four major risk themes, that organizations need to have on their radar and what Audit teams need to do to more effectively identify and communicate these risks to their organizations and stakeholders.

Global unpredicted events this year – election results, natural disasters, corporate scandals – have heightened executive and board sensitivity towards risk. Consequently, Audit committees are increasingly tasking Internal Audit to provide assurance over a wider set of risks, beyond traditional financial and operational focus areas.

Annually, CEB, now Gartner, surveys more than 200 Audit heads globally on risks that should be top of mind for organizations in the next year. This year, our Audit Plan Hot Spots report identified four overarching themes that underlie the risks that Chief Audit Executives (CAEs) express as critical to including on their audit plans in 2018: